"I'd like our Fed not to be so aggressive because I think they're making a big mistake," Trump told Fox News.
Later in the day, US President Donald Trump, speaking to reporters at the White House, stated that the Federal Reserve was "out of control".
The comments were the latest in a row of the president's criticism of interest rate boost, which caused the downfall in the stock market.
When asked on October 10 about the day's more than 800-point drop, Trump told reporters the Federal Reserve had gone crazy, saying its monetary policies were too tight.
Last month, the Federal Reserve boosted the US interest rate by 25 basis points, and the central bank is planning two more hikes by the end of this year. The Fed's open market committee has said the goal of the increases is to control inflation, as economic activity continues to grow at a strong rate.
On Wednesday, the Dow Jones Industrial Average fell by more than 3 percent, or 831.83 points — the third biggest point drop on record. The Nasdaq Composite Index fell by more than 4 percent, or 156 points, in the worst percentage decline since June 2016.